PNG gas project can last, says ExxonMobil

PNG LNG project is well placed to deliver natural gas and meet demands in Asian markets over the long term, project developer ExxonMobil says.

ExxonMobil will be producing the natural gas and transporting it as liquefied natural gas (LNG) to selected Asian markets.

Natural gas is expected to meet a lot of the energy demand going into the future.

According to the outlook for energy (2040) oil, gas and coal continue to be the most widely used fuels, and have the scale needed to meet global demand, making up about 80% of total energy consumption in 2040.

And demand for natural gas will rise by more than 60% through 2040.

ExxonMobil said the PNG LNG project had capacity of 6.9 million tonnes of LNG per annum.

It said the construction phase was more than 90% complete with first LNG cargo in the second half of 2014.

“We have four buyers from China, Taiwan and Japan,” ExxonMobil said in a statement yesterday.